02.07.2013 - Gold: Pick our spots and start buying
As they say on Wall Street, “They don’t ring bells at the top,” and they usually don’t give you a phone call at the bottom, either. Many heads have rolled trying to call this recent near two-year downdraft in gold in terms of bottom callers, mine included. I thought we would never get much below 1440 or so from the 1923 highs, but alas, we all know we did. What makes me think that last week put in the final gold low for the bear cycle? Too many things to mention, but based on the work I do, it's enough to give me some chutzpah to make this call now. The 1180s are very close to a classic ABC 61.8% Fibonacci retracement of the prior 34-month bull cycle. .....................................Full Article: Source
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